PRAX Stock — Praxis Precision Medicines Inc.: Cash, EV, Pipeline

What they do

We are applying genetic insights to the discovery and development of therapies for neurological disorders through two proprietary platforms, using our understanding of shared biological targets and circuits in the brain.

Source: 10-K FY2025 via SEC EDGAR

Share price

$277.62

Market cap

$7,751.1M

Cash

$1,373.8M

Enterprise value

$6,377.3M

Balance sheet

Cash	$1,373.8M
Debt	$0.0M
Net cash	$1,373.8M
Enterprise value	$6,377.3M
Basic shares	27.9M shares
Fully diluted shares	32.3M shares
Fully diluted market cap	$8,953.9M
Cash per share	$49.21
Quarterly burn	$77.5M
Cash runway	17.7 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

27.9M

Pre-funded warrants

1.2M

Options

1.9M

RSUs

0.7M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.5M

FDSO

32.3M

Cap table as of 2026-06-30.

Price history

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Next catalyst

relutrigine (PRAX-562) · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	relutrigine (PRAX-562) EMERALD Phase 3 registrational study in broad DEEs	Phase 3	broad DEEs	Q4 2026
GUIDEDDec 27, 2026 in 7 wks	relutrigine (PRAX-562) NDA for relutrigine, PDUFA date	Not disclosed	relutrigine	December 27, 2026
GUIDEDJan 29, 2027 in 12 wks	ulixacaltamide HCl NDA for ulixacaltamide HCl, PDUFA date	Not disclosed	ulixacaltamide HCl	January 29, 2027
Jan 12 - Feb 23 in 9 wks	1mg elsunersen	Phase 3	Epileptic Encephalopathy; SCN2A Encephalopathy	—
Jul 12 - Aug 23 in 20 mo	vormatrogine	Phase 3	Epilepsy, Tonic-Clonic; Focal Seizure; Primary Generalized Seizure	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ulixacaltamide

Phase 3 · Active Modality: small molecule

Target T-type calcium channels

Partnerships Remagine Labs (July 2026 research collaboration and license for an iontophoretic transdermal patch delivery of ulixacaltamide)

Indications

essential tremor (Stage not disclosed)

Catalysts

— None

Status note NDA submitted based on Phase 3 Essential3 program; accepted for review. Mid-cycle meeting completed with no major safety or efficacy concerns identified and no advisory committee planned. Commercial pre-launch activities underway.

relutrigine

Phase 3 · Active Modality: small molecule

Target NaV

Indications

SCN2A and SCN8A developmental and epileptic encephalopathies (Stage not disclosed)
broad developmental and epileptic encephalopathies (EMERALD study) (Stage not disclosed)

Catalysts

— None
— None

Status note NDA submitted based on the registrational cohort of the EMBOLD study; accepted for priority review. Mid-cycle meeting completed with no major safety or efficacy concerns identified and no advisory committee planned. If EMERALD is positive it could support an sNDA submission in 2027.

vormatrigine

Phase 2 · Active Modality: small molecule

Target NaV

Indications

focal onset seizures (Stage not disclosed)
generalized epilepsy (Stage not disclosed)

Catalysts

— None

Status note ENERGY program ongoing (EMPOWER observational, RADIANT Phase 2, POWER1/2/3 efficacy studies). POWER1 did not meet its primary endpoint (June 2026); POWER2 enrollment paused pending program reassessment. RADIANT Phase 2 open-label study reported positive results in second half of 2025.

elsunersen

Phase 3 · Active Modality: antisense oligonucleotide (ASO)

Target SCN2A

Indications

SCN2A gain-of-function developmental and epileptic encephalopathies (Stage not disclosed)

Catalysts

— None

Status note FDA breakthrough therapy designation granted June 2026 for seizures associated with SCN2A DEEs caused by gain-of-function variants. Positive topline results from EMBRAVE Part A announced April 2026. EMBRAVE3 currently enrolling.

PRAX-080

Preclinical · Active Modality: antisense oligonucleotide (ASO)

Target PCDH19

Indications

PCDH19 mosaic expression disorders (Stage not disclosed)

Status note Novel ASO with preclinical proof of mechanism; development candidate nomination anticipated in 2026.

PRAX-090

Preclinical · Active Modality: antisense oligonucleotide (ASO)

Target SYNGAP1

Indications

SYNGAP1 loss-of-function disorders (severe intellectual disability and epilepsy) (Stage not disclosed)

Status note Novel ASO with preclinical proof of mechanism; development candidate nomination anticipated in 2026.

PRAX-100

Preclinical · Active Modality: antisense oligonucleotide (ASO)

Target SCN2A

Indications

SCN2A loss-of-function disorders (autism spectrum disorders) (Stage not disclosed)

Status note Novel ASO with preclinical proof of mechanism; development candidate nomination anticipated in 2026.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	60 mg ulixacaltamide
Lead indication	Essential Tremor
Lead phase	Phase 3
Active trials	8
Collaborator trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07010471	Phase 3	Active, not recruiting	Sponsor	PRAX	—	Developmental and Epileptic Encephalopathy 1	—
NCT07019922	Phase 3	Recruiting	Sponsor	PRAX	—	Epileptic Encephalopathy; SCN2A Encephalopathy	—
NCT07505004	Phase 3	Active, not recruiting	Sponsor	PRAX	—	Focal Epilepsy	—
NCT07287163	Phase 3	Enrolling by invitation	Sponsor	PRAX	—	Epilepsy, Tonic-Clonic; Focal Seizure; Primary Generalized Seizure	—
NCT06087276	Phase 3	Active, not recruiting	Sponsor	PRAX	—	Essential Tremor	—
NCT05818553	Phase 3	Active, not recruiting	Sponsor	PRAX	—	SCN2A Encephalopathy; SCN8A Encephalopathy	—
NCT06908356	Phase 2	Recruiting	Sponsor	PRAX	—	Focal Onset Seizure; Primary Generalized Epilepsy	—
NCT05737784	Phase 2	Active, not recruiting	Sponsor	PRAX	—	SCN2A-DEE; Epilepsy	—
NCT06903416	Phase 3	Recruiting	Collaborator	University of Alberta	—	Spinal Cord Injury Cervical	—
NCT06948175	Not disclosed	Enrolling by invitation	Collaborator	University of Alberta	—	Chronic Spinal Cord Injury	—
NCT03124212	Not disclosed	Recruiting	Collaborator	University of Basel	—	Hereditary Breast and Ovarian Cancer; Lynch Syndrome	—
NCT07380516	Not disclosed	Not yet recruiting	Collaborator	University of Alberta	—	Spinal Cord Injury	—

Sponsor-matched active trials from ClinicalTrials.gov (8 as sponsor, 5 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 13 active trials for Praxis Precision Medicines on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Perceptive Advisors	2,035,986	no change	10.58%	2026-08-14
Baker Bros. Advisors	1,753,198	no change	2.94%	2026-08-14
Deerfield Management	963,351	no change	3.36%	2026-08-14
Cormorant Asset Management	640,000	-245,500	10.98%	2026-08-14
Vivo Capital	271,116	-67,779	8.29%	2026-08-14
Logos Global Management	260,000	-25,000	3.75%	2026-08-14
OrbiMed Advisors	230,100	+57,600	1.46%	2026-08-14
ADAR1 Capital Management	74,253	+72,753	1.17%	2026-08-14
Ikarian Capital	72,842	+1,261	3.99%	2026-08-14
Boxer Capital	46,457	no change	1.17%	2026-08-14
Braidwell LP	0	-9,976	0.00%	2026-08-14
RA Capital Management	0	-373,787	0.00%	2026-08-14
Ally Bridge Group	0	-32,810	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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PRAX — Praxis Precision Medicines Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

PRAX — Praxis Precision Medicines Inc.